[davelj]

I think rents will go down a bit eventually as the foreclosures get sucked up by investors and rented out, but we’re early in the process.

As an anecdote, however, I know a guy who’s in charge of managing two large apartment complexes in Imperial Beach (440 units in all) and he says there are 9 vacant units right now and they have been raising rents 4% on renewals and new tenants recently. For now, folks moving out of foreclosed homes and into apartments are outnumbering folks moving into foreclosed rental homes. I suspect that will reverse in 2009 as more foreclosed homes get purchased and rented out.

[davelj]

I think rents will go down a bit eventually as the foreclosures get sucked up by investors and rented out, but we’re early in the process.

As an anecdote, however, I know a guy who’s in charge of managing two large apartment complexes in Imperial Beach (440 units in all) and he says there are 9 vacant units right now and they have been raising rents 4% on renewals and new tenants recently. For now, folks moving out of foreclosed homes and into apartments are outnumbering folks moving into foreclosed rental homes. I suspect that will reverse in 2009 as more foreclosed homes get purchased and rented out.

[davelj]

I think rents will go down a bit eventually as the foreclosures get sucked up by investors and rented out, but we’re early in the process.

As an anecdote, however, I know a guy who’s in charge of managing two large apartment complexes in Imperial Beach (440 units in all) and he says there are 9 vacant units right now and they have been raising rents 4% on renewals and new tenants recently. For now, folks moving out of foreclosed homes and into apartments are outnumbering folks moving into foreclosed rental homes. I suspect that will reverse in 2009 as more foreclosed homes get purchased and rented out.

[davelj]

I think rents will go down a bit eventually as the foreclosures get sucked up by investors and rented out, but we’re early in the process.

As an anecdote, however, I know a guy who’s in charge of managing two large apartment complexes in Imperial Beach (440 units in all) and he says there are 9 vacant units right now and they have been raising rents 4% on renewals and new tenants recently. For now, folks moving out of foreclosed homes and into apartments are outnumbering folks moving into foreclosed rental homes. I suspect that will reverse in 2009 as more foreclosed homes get purchased and rented out.

[davelj]

[quote=kev374]it is in the list of failed banks…

http://www.fdic.gov/bank/individual/failed/wamu.html

[/quote]

Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.

[davelj]

[quote=kev374]it is in the list of failed banks…

http://www.fdic.gov/bank/individual/failed/wamu.html

[/quote]

Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.

[davelj]

[quote=kev374]it is in the list of failed banks…

http://www.fdic.gov/bank/individual/failed/wamu.html

[/quote]

Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.

[davelj]

[quote=kev374]it is in the list of failed banks…

http://www.fdic.gov/bank/individual/failed/wamu.html

[/quote]

Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.

[davelj]

[quote=kev374]it is in the list of failed banks…

http://www.fdic.gov/bank/individual/failed/wamu.html

[/quote]

Outstanding! Normally the FDIC adds the failed institution to the list simultaneous with the announcement, which they didn’t do this time around, so I thought maybe they weren’t going to add it to the list. I’m much happier now.

[davelj]

I must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.

[davelj]

I must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.

[davelj]

I must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.

[davelj]

I must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.

[davelj]

I must admit that it irritates me a bit that WaMu won’t show up on the List of Failed Banks because, technically, it doesn’t look as if any depositor money will be lost. But when common, preferred, and debt holders (I must assume that the FHLB will get paid) get bupkus, well, that’s a failure in my book.

[davelj]

UPDATE:

It looks as though JP Morgan is taking on all the assets of WaMu as well (Yay for taxpayers!!) and the “mark” to the assets will come out of the hides of everyone below the depositors on the balance sheet. That means common equity, preferred, sub-debt, etc. all goes to ZERO. Ouchtown: Population Texas Pacific Group and Others!! David Bonderman phone home!!

OK, I feel better about this.

[Author]

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